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Merry Christmas: U.S. government owes more money than its Citizenstogether possess
As of Sep. 30, federal financial statements showed approximately $56.4
trillion in debts, liabilities, and unfunded promises for Medicare and Social Security, the Peter G. Peterson Foundation www.pgpf.org reported. The Federal Reserve estimated total household net worth at that time at $56.5 trillion. Since then the stock market has crashed, tens of billions of dollars of personal wealth have evaporated, and the government has committed $700 million to bail out financial institutions. A government which long has been morally and intellectually bankrupt is now financially bankrupt too. http://www.tothepointnews.com |
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Merry Christmas: U.S. government owes more money than its Citizenstogether possess
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Merry Christmas: U.S. government owes more money than its Citizens together possess
In article ,
Billy Burpelson wrote: wrote: As of Sep. 30, federal financial statements showed approximately $56.4 trillion in debts, liabilities, and unfunded promises for Medicare and Social Security... Don't tell us. Send a complaint to your pal George W. Oh, wait. I know what you can do. You can blame it on Obama (even though he won't be seated for another 25 days). OK, I blame Mr. Zero -- Telamon Ventura, California |
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Merry Christmas: U.S. government owes more money than itsCitizens together possess
Thanks to a series of financial engineering instruments made possible
by the abolition of the Glass-Steagall law in 1999 like ABSs, CDSs, interest rate forward contracts, securities in US dollars were declared to be “secure”. Credit rating agencies rated these securities as safe (like those of Lehman Brothers for example), giving them the famous AAA or Triple-A grade. This way debt by private institutions could be treated like currency, at face value, and could be registered as balance sheet without the need to set aside reserves for any risk. Similarly greatly underestimating the exchange rate of some emerging economies, especially China’s, in terms of purchasing power parity resulted in what is an actual subsidy to their exports. Thank you Impeached Clinton! |
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